Integrale Bedrijfsanalyse
Naam: N
Opleiding: Finance & Control
Docent: Mevr. G.
Vak: Integrale Bedrijfsanalyse
Klas: ROFCVT2
Datum: 10-05-2020
Instelling: Hogeschool InHolland te Rotterdam
1
,Inhoudsopgave
Samenvatting…………………………………………………………………………….4
Inleiding…………………………………………………………………………………5
H1. Profiel van de onderneming......................................................................................6
1.1 Inleiding……………………………………………………………………………..6
1.2 7s-model…………………………………………………………………………......7
1.3 Stakeholdersanalyse…………………………………………………………………9
1.4 Krachtenveldanalyse………………………………………………………………..10
H2. Brancheanalyse…………………………………………………………………….11
2.1 Inleiding…………………………………………………………………………….11
2.2 Basiscondities………………………………………………………………………13
2.3 Marktstructuur……………………………………………………………………...14
2.4 Gedrag……………………………………………………………………………...15
2.5 Resultaten…………………………………………………………………………..16
2.6 Conclusie…………………………………………………………………………...16
H3. Bedrijfsanalyse…………………………………………………………………….17
3.1 Fundamentele analyse.............................................................................................17
3.1.1 Solvabiliteit………………………………………………………………………17
3.1.2 Liquiditeit………………………………………………………………………..18
3.1.3 Rentabiliteit……………………………………………………………………...20
3.1.4 Activiteitenskengetallen…………………………………………………………21
3.1.5 Werknemerskengetallen………………………………………………………....25
3.1.6 Omgevingsanalyse………………………………………………………………27
3.1.7 Dupont-chart…………………………………………………………………….28
3.1.8 Beleggingskengetallen…………………………………………………………..30
3.2 Omzet- en winstanalyse…………………………………………………………...34
3.2.1 Geografische verdeling………………………………………………………….34
3.2.2 Verdeling naar activiteiten………………………………………………………36
3.2.3 Verdeling naar distributiekanalen……………………………………………….37
3.2.4 Portfolio-analyse………………………………………………………………...38
3.3 Bedrijfstaklevenscyclus…………………………………………………………...39
3.4 Technische analyse………………………………………………………………..39
3.4.1 Grafieken………………………………………………………………………..40
3.4.2 Trendanalyse……………………………………………………………………43
3.4.5 Indicatoren……………………………………………………………………...43
H4. Risicomanagement………………………………………………………………48
4.1 Commercieel risico………………………………………………………………48
4.2 Bedrijfsrisico……………………………………………………………………..49
4.3 Financieel risico………………………………………………………………….50
4.4 Totaalrisico………………………………………………………………………51
4.5 Risicoprofiel……………………………………………………………………..53
2
,Bronnenlijst…………………………………………………………………………54
Bijlagen……………………………………………………………………………..58
Externe Verslaggeving deelopdracht.......................................................................58
3
, Executive Summary
This report provides an integrated analysis and evaluation on the comprehensive business of
Dutch company Royal DSM. Royal DSM is a global, purpose-led, science-based company
active in Nutrition, Materials, Health and Sustainable Living. DSM’s purpose is to grow as a
company while producing unique sustainable products.
For the profile of the company is used: McKinsey's 7S model, the stakeholder analysis and
the force-field analysis. The 7S model consists of: strategy, system, structure, shared values,
management style and skills. These elements ensure a good structure and hierarchy within the
company so that all processes run smoothly. The stakeholder analysis has shown that DSM
has many different involved parties. The force-field analysis provides insight into the position
of these stakeholders and their interest in certain outcomes. The force-field analysis starts
with an inventory of the key players at DSM. A position is then determined based on the
influence that certain players have and what their interests are.
The industry analysis was made with the help of Bain’s Structure-Behaviour-Result scheme.
The SBR-scheme lays out the connections between the market structure, the behaviour of
companies within the market structure and results that are achieved within that market. The
selection of a branch was based on DSM's Nutrition division.
The fundamental analysis shows that the solvency has been very high over the years. DSM’s
solvency was between 54 and 56 percent, which is very good. Both the current ratio and the
quick ratio should be at least above 1, indicating a safe position. DSM had a high current and
quick ratio in the period from 2009 to 2011. In the period from 2012 to 2014, both ratios
decreased. It subsequently picked up again in the period from 2015 to 2018. This shows that
DSM's current and quick ratio is generally fine. With the exception of 2014, both ratios were
above 1 in the last 10 years. This shows that DSM's liquidity is high.
The technical analysis shows the course of the share price. The stock market price of DSM
can be displayed in different ways. The line chart is the simplest and the bar chart is
the most used, but also the candlestick gives a lot of information about the price. Despite
the different forms you can see the same analyses and patterns. You can clearly see that there
were a lot of double top formations in the past 5 years. Then there have been also a few drops,
but DSM continued to move in an upward direction.
In order to gain an insight into DSM's risk profile, a risk analysis has been made by using risk
figures from the past ten years. Four types of risk were investigated, namely: commercial risk,
business risk, financial risk and total risk. The commercial risk is the smallest risk for DSM.
DSM uses forward currency contracts, spot transactions and, to a limited extent average rates
currency options to limit the impact of fluctuations in exchange rates. The operating result, on
the other hand, is a much higher risk. This is due to the fact that DSM has high fixed costs.
An option to reduce the fixed costs is by taking a balance reduction. The financial risk is
again much less than the business risk. Among other things, DSM uses interest rate swaps to
hedge the financial risk. Total risk had risen sharply in the recent five years, coupled with
high returns. This gives DSM's stakeholders greater sense of certainty.
4
Naam: N
Opleiding: Finance & Control
Docent: Mevr. G.
Vak: Integrale Bedrijfsanalyse
Klas: ROFCVT2
Datum: 10-05-2020
Instelling: Hogeschool InHolland te Rotterdam
1
,Inhoudsopgave
Samenvatting…………………………………………………………………………….4
Inleiding…………………………………………………………………………………5
H1. Profiel van de onderneming......................................................................................6
1.1 Inleiding……………………………………………………………………………..6
1.2 7s-model…………………………………………………………………………......7
1.3 Stakeholdersanalyse…………………………………………………………………9
1.4 Krachtenveldanalyse………………………………………………………………..10
H2. Brancheanalyse…………………………………………………………………….11
2.1 Inleiding…………………………………………………………………………….11
2.2 Basiscondities………………………………………………………………………13
2.3 Marktstructuur……………………………………………………………………...14
2.4 Gedrag……………………………………………………………………………...15
2.5 Resultaten…………………………………………………………………………..16
2.6 Conclusie…………………………………………………………………………...16
H3. Bedrijfsanalyse…………………………………………………………………….17
3.1 Fundamentele analyse.............................................................................................17
3.1.1 Solvabiliteit………………………………………………………………………17
3.1.2 Liquiditeit………………………………………………………………………..18
3.1.3 Rentabiliteit……………………………………………………………………...20
3.1.4 Activiteitenskengetallen…………………………………………………………21
3.1.5 Werknemerskengetallen………………………………………………………....25
3.1.6 Omgevingsanalyse………………………………………………………………27
3.1.7 Dupont-chart…………………………………………………………………….28
3.1.8 Beleggingskengetallen…………………………………………………………..30
3.2 Omzet- en winstanalyse…………………………………………………………...34
3.2.1 Geografische verdeling………………………………………………………….34
3.2.2 Verdeling naar activiteiten………………………………………………………36
3.2.3 Verdeling naar distributiekanalen……………………………………………….37
3.2.4 Portfolio-analyse………………………………………………………………...38
3.3 Bedrijfstaklevenscyclus…………………………………………………………...39
3.4 Technische analyse………………………………………………………………..39
3.4.1 Grafieken………………………………………………………………………..40
3.4.2 Trendanalyse……………………………………………………………………43
3.4.5 Indicatoren……………………………………………………………………...43
H4. Risicomanagement………………………………………………………………48
4.1 Commercieel risico………………………………………………………………48
4.2 Bedrijfsrisico……………………………………………………………………..49
4.3 Financieel risico………………………………………………………………….50
4.4 Totaalrisico………………………………………………………………………51
4.5 Risicoprofiel……………………………………………………………………..53
2
,Bronnenlijst…………………………………………………………………………54
Bijlagen……………………………………………………………………………..58
Externe Verslaggeving deelopdracht.......................................................................58
3
, Executive Summary
This report provides an integrated analysis and evaluation on the comprehensive business of
Dutch company Royal DSM. Royal DSM is a global, purpose-led, science-based company
active in Nutrition, Materials, Health and Sustainable Living. DSM’s purpose is to grow as a
company while producing unique sustainable products.
For the profile of the company is used: McKinsey's 7S model, the stakeholder analysis and
the force-field analysis. The 7S model consists of: strategy, system, structure, shared values,
management style and skills. These elements ensure a good structure and hierarchy within the
company so that all processes run smoothly. The stakeholder analysis has shown that DSM
has many different involved parties. The force-field analysis provides insight into the position
of these stakeholders and their interest in certain outcomes. The force-field analysis starts
with an inventory of the key players at DSM. A position is then determined based on the
influence that certain players have and what their interests are.
The industry analysis was made with the help of Bain’s Structure-Behaviour-Result scheme.
The SBR-scheme lays out the connections between the market structure, the behaviour of
companies within the market structure and results that are achieved within that market. The
selection of a branch was based on DSM's Nutrition division.
The fundamental analysis shows that the solvency has been very high over the years. DSM’s
solvency was between 54 and 56 percent, which is very good. Both the current ratio and the
quick ratio should be at least above 1, indicating a safe position. DSM had a high current and
quick ratio in the period from 2009 to 2011. In the period from 2012 to 2014, both ratios
decreased. It subsequently picked up again in the period from 2015 to 2018. This shows that
DSM's current and quick ratio is generally fine. With the exception of 2014, both ratios were
above 1 in the last 10 years. This shows that DSM's liquidity is high.
The technical analysis shows the course of the share price. The stock market price of DSM
can be displayed in different ways. The line chart is the simplest and the bar chart is
the most used, but also the candlestick gives a lot of information about the price. Despite
the different forms you can see the same analyses and patterns. You can clearly see that there
were a lot of double top formations in the past 5 years. Then there have been also a few drops,
but DSM continued to move in an upward direction.
In order to gain an insight into DSM's risk profile, a risk analysis has been made by using risk
figures from the past ten years. Four types of risk were investigated, namely: commercial risk,
business risk, financial risk and total risk. The commercial risk is the smallest risk for DSM.
DSM uses forward currency contracts, spot transactions and, to a limited extent average rates
currency options to limit the impact of fluctuations in exchange rates. The operating result, on
the other hand, is a much higher risk. This is due to the fact that DSM has high fixed costs.
An option to reduce the fixed costs is by taking a balance reduction. The financial risk is
again much less than the business risk. Among other things, DSM uses interest rate swaps to
hedge the financial risk. Total risk had risen sharply in the recent five years, coupled with
high returns. This gives DSM's stakeholders greater sense of certainty.
4
